12
OLD REPUBLIC INTERNATIONAL CORPORATION
EARNINGS PER SHARE EXHIBIT
(Amounts in millions, except per share data)
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Computation of Primary Earnings Per Share
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Quarters Ended Six Months Ended
June 30, June 30,
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1997 1996 1997 1996
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Weighted average number of common shares outstanding 86.9 86.5 86.9 84.9
Add: Weighted average number of assumed common shares to
be issued upon conversion or exercise of:
Redeemable and/or Convertible Preferred Stock 6.2 6.8 6.4 6.8
Stock Options 0.9 0.7 0.9 0.7
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Weighted average number of common and common equivalent share 94.0 94.1 94.3 92.5
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Net income for the period $88.3 $55.9 $153.5 $106.0
Less dividends applicable to appropriate Series of
Redeemable and Convertible Preferred Stock --- 1.2 0.1 2.4
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Adjusted net income $88.2 $54.7 $153.4 $103.5
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Primary earnings per share $0.94 $0.58 $1.62 $1.12
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Computation of Fully Diluted Earnings Per Share
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Quarters Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
1997 1996 1997 1996
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Weighted average number of common shares outstanding 86.9 86.5 86.9 84.9
Add: Weighted average number of assumed common shares to
be issued upon conversion or exercise of:
Redeemable and/or Convertible Preferred Stock 6.3 7.0 6.6 7.0
Convertible Subordinated Debentures --- --- --- 1.5
Stock Options 1.1 0.8 1.1 0.9
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Weighted average number of common and common equivalent share 94.4 94.4 94.7 94.4
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Net income for the period $88.3 $55.9 $153.5 $106.0
Less dividends applicable to appropriate Series of
Cumulative Preferred Stock --- 1.1 --- 2.3
Plus interest applicable to Convertible Debentures --- --- --- 0.4
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Adjusted net income $88.3 $54.7 $153.5 $104.0
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Fully diluted earnings per share $0.94 $0.58 $1.62 $1.10
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